ITR revision

Hello,

I my ITR status for AY 2015-16 is processed. I got Intimation U/S 143(1) . But my income under salary is not correct. It is filled incorrectly by me. So, I have got refund, whereas I am liable to demand.

Please let me know if I can revise my Itr as I have filed Itr before due date.

Regards,
Rahul
Asked 10 months ago in Income Tax from New Delhi, Delhi
If the return of income is filed before the due date then you can revise the same.

You can file revise return by filling correct salary details.

In the present case you can file revise return even if your original return is processed.
Shyam Sunder Modani
CA, Hyderabad
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Sir there are many case laws wherein intimation U/s. 143(1) will not be treated as completion of assessment. Thus you can file revised return.

We also suggest that if you have received intimation then you just hold on and dont file revise return. Lets wait.
Shyam Sunder Modani
CA, Hyderabad
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Dear Sir,

You may file a revised return by declaring your actual income and paying the respective taxes with interest.

Regards,
CA Rohit R Sharma
BCOM, CA, LLB - Gen, Cert. FAFP. 
Rohit R Sharma
CA, Mumbai
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It is not called a fraud. You can very well file a revise return before 31-3-2016. 

You file revise return by paying the tax arrived.
Shyam Sunder Modani
CA, Hyderabad
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You can revise your return though intimation has been received.  Issue of Intimation is not completion of assessment as held by Calcutta High Court in the case of Tata Metalics Ltd. You can therefore revise your return, if it was filed within the due date u/s 139(1). 

Practically in many small cases, there will be no major issue even if revised return is not filed but paying tax that is due is a sacred responsibility of a citizen.
B Vijaya Kumar
CA, Hyderabad
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Sir in that case you can directly approach the concerned officer and have the procedure.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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No not at all, you are only rectifying the mistake.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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The tax can be paid as self assessment tax. If you are able to do efiling, its ok. Once you pay tax that should have been paid, there will not be any serious consequence for not disclosing the income in the original return or for not filing revised return. The interest and penalties are calculated with reference to the tax due. Once the tax is paid, the interest and penalties will be nil.

My suggestion is to pay the tax due as self assessment along with interest upto the date of payment and be done with it. No need to complicate the issues further. As you have already received refund, the tax liability as per the original return is discharged - you don't owe neither the dept owes any money to you. Now you need to pay only the amount that should have been paid in respect of income that was missed out. 

You may need to file revised it return only if you intend to use it for raising any loan, as the revised return will have higher income. Otherwise, just pay the tax along with interest and be done with it.  
B Vijaya Kumar
CA, Hyderabad
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If the return of income is filed before the due date under section 139(1) or within the time allowed under a notice issued by the AO Under section 142(1) then you can revise the same.

You can revise your return though intimation has been received.  Issue of Intimation is not completion of assessment as held S.R. Koshi vs CIT (2005) 146 Taxman 335 ( Gujarat). You can therefore revise your return, if it was filed within the due date u/s 139(1). 
Shiv Kumar Agarwal
CA, Delhi
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Sir

In revise return there is no option for that. What you can do is file revise return. Then you will get a letter from department stating to return back the amount .then you can do so
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Hello Sir,

It appears that you have entered a very panic mode because you have received the Refund Amount.

Firstly, relax and understand that there is no Fraud committed on your part and it is a genuine mistake which you are rectifying on your part and are also ready to pay the due taxes with interest without the department asking for the same.

So firstly calculate the amount of differential tax payable by you, including interest & the refund amount received by you and pay it under the head Self Assessment Tax.

Then you have the option of revising the return wherein you can declare the higher income and also show the amount of due taxes paid by you under Self Assessment Tax.

If you are so concerned about the issue, you may visit a professional who will assist you in completing the necessary formalities.

Hope this clarifies your query.

Feel free to get back for further clarifications.

Regards,
CA Rohit R Sharma
BCom, CA, LLB - Gen, Cert FAFP.
Rohit R Sharma
CA, Mumbai
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I appreciate your concern in rectifying the error but there is no need to get worried about it. You can pay the tax online or by remitting the challan in your bank. You have to indicate your assessment year correctly and tick mark the nature of payment as self assessment tax. After the tax is paid, check your 26AS after 2 or 3 days to confirm whether the payment is reflected or not. Once this is reflected, just relax and be done with it. 

If you still need assistance, you may need to consult a professional either in person or through email with all the details. You can use  talk to CA option in this portal and get your issue resolved.
B Vijaya Kumar
CA, Hyderabad
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